John McAfee To Release Crypto-Backed ‘Fiat’ Currency

John McAfee, a businessman and a crypto advocate is going to release his own “fiat” currency, the McAfee Redemption Unit (MRU). This currency will be supported by cryptocurrency. Its release is scheduled for June 25 according to a tweet from him.

No hoax. The "McAfee Redemption Unit" is real and coming in 26 days. The graphic is low res – don't want to give much away yet. Printed on currency paper, holographs on both sides, serialized, linked to the blockchain, redeemable, convertible, collectiblehttps://t.co/ySUwkDuW7spic.twitter.com/75xTje39X8

McAfee of McAfee Antivirus Software had tweeted about his own currency, which had a picture of his face on a fiat bill:

. @SmartPayMINT sent this. What's odd is that tomorrow night I am going to make an announcement of the new "McAfee Coin", based on a radical new concept: Fiat currencies (collectible) backed by crypto – the reverse of what banks are attempting. Seriously. pic.twitter.com/3uTHHKG18M

On reading a piece by Crypto-News India on the fake McAfee “dollar,”, McAfee then went on to confirm that the tweet by him was not fake and that he was very serious and determined to launch his own currency.

He went on to explain Crypto-News India that the MRU, or the McAfee Promissory Note, will be connected with a blockchain by tokens and can be reclaimed for up to 100 minutes. It will rely on the value of the note — of personal time with him at a location anywhere in the world.

If the holder of the note wishes to reclaim it for a personal meeting, he/she must go to an address in Mexico between 1 p.m and 3 p.m, where they will then get a date, time, an area which can be located anywhere on the planet to meet with him.

McAfee told Crypto-News India that “Redemption is purposely made very expensive”:

“My followers are are hugely loyal and I feel certain that many will go through time and huge expense for the opportunity to spend private time with me. See what this might do to the fundamental value of each redemption unit. If the value of a unit is based even remotely on the cost of redemption, which people are willing to pay, then the notes will immediately skyrocket. But the big key is in the way I have structured the auction sites. Cannot tell you more now.”

In a situation that a holder of a McAfee Promissory Note needs to change over the note instead of recovering it, he or she will send it to the MRU Foundation where its esteem will be sent to the holder’s crypto wallet.

As noted by McAfee a total of 341,000 different denominations has been printed. They have a total of 6.05 million redemption units. The current worth of each MRU is 9.95 USD. The printing plates for the currency have been wrecked which will prevent the printing of any more bills.

In February, John made into the headlines when he told that he has been taking a fee of 105,000 USD per tweet to promote cryptocurrencies and blockchain projects.

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